On October 15, 2025, US Treasury Secretary Benson firmly stated that the Trump administration will not back down on its tough stance on trade with China despite the stock market downturn. Speaking at the “Investing in America” forum hosted by CNBC, Benson refuted the idea that a stock market decline would force the Trump administration to negotiate with the Chinese Communist Party and stressed that the driving force behind such negotiations is actually in the national economic interest.
Benson emphasized that the US “will not negotiate because of a stock market decline” and will not shy away from taking a tough stance against Beijing as a result. “We will negotiate because we are doing what is most beneficial for the US economy,” he said.
He also mentioned that officials from the US and China are in contact daily to arrange a possible Trump-Xi meeting in South Korea at the end of the month.
In a CNBC interview, the Treasury Secretary dismissed a report published by The Wall Street Journal on Tuesday evening. The report cited sources close to the Chinese decision-making circle who revealed that Chinese leader Xi Jinping is betting on the “US economy not being able to withstand a prolonged trade conflict with China.” These insiders said that China is holding a tough stance because they firmly believe that an escalating trade war will lead to a market crash. Beijing anticipates that the prospect of another market collapse will ultimately force Trump to negotiate at the summit with Xi expected later this month. China sees Trump’s obsession with the stock market as a fatal weakness.
Benson condemned The Wall Street Journal’s report as “terribly bad” and accused the newspaper of being obedient to the Chinese Communist Party.
The tension in US-China trade relations has escalated rapidly in recent days. Following Beijing’s announcement last Thursday (October 9) of a significant expansion of rare earth export controls, the US and China are on the brink of reigniting a full-blown trade war. The next day (October 10), President Trump responded decisively by imposing a 100% tariff on Chinese goods starting from November 1 and implementing export controls on key software, leading to a market plunge.
On Monday (October 13), China imposed sanctions on the American subsidiary of the South Korean shipping company Hanwha Ocean, escalating the trade dispute. On Tuesday (October 14), President Trump stated that China intentionally avoids purchasing American soybeans. In response, the US is considering terminating business dealings with China in edible oils and other trade elements.
On the same day, Trump also said that Beijing “likes to take advantage of others,” and he cannot allow China to take advantage of the US.